City Council Approves TIF Grant Allocations
St. Petersburg, FL (August 12, 2016) – Yesterday, City Council approved the recipients of more than $468,000 in 2016 Tax Increment Financing or TIF Grant funds from the South St. Petersburg Community Redevelopment Area (CRA). As part of the Mayor’s Small Business Tours, Urban Affairs and Economic Development officials will visit six of the South St. Petersburg CRA TIF grant recipients today.
The six businesses are:
1. Delores M. Smith, Academy 1766 49th Street S.
2. Imagination Station, 3242 22nd Avenue S.
3. FL Brake and Tire, 1254 34th Street S.
4. Power Sports, 1234 34th Street S.
5. Advantage Solutions, 833 22nd Street S.
6. Chief’s Creole Café, 901 22nd Street S.
This is the first year for the South St. Petersburg CRA competitive grant program, designed to help boost private investment by property owners and/or businesses in commercial and multifamily residential development in South St. Petersburg. The CRA TIF funding is distributed in three budget categories: Business and Commercial Development; Workforce Development; and Multi-family Housing and Revitalization.
Mayor Rick Kriseman expressed his appreciation, “This is a momentous occasion and another illustration of our belief that the smartest investment a city can make is in its residents and business owners. I want to extend my gratitude to the members of the St. Petersburg City Council and Citizens Advisory Committee for their support.”
He encouraged this year’s applicants to consider reapplying for additional funding in the 2017 CRA TIF funding cycle, when an estimated $1.2 million will be available. The second round of TIF grant funding in 2017 for south St. Petersburg will begin earlier, in the first quarter of 2017.
For more information, visit www.stpete.org/southstpeteCRA.